{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}\\isad.isadroot.ex.ac.uk\uoe\user\Submitted New Keynesian Model with Overtime Labor\Referee reports RESTAT\reports 2nd round\Files for RESTAT\variables.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}19 May 2012, 11:50:37
{txt}
{com}. 
. tsset date, quarterly
{res}{txt}{col 9}time variable:  {res}{col 25}date, 1947q1 to 2035q1
{txt}{col 17}delta:  {res}1 quarter
{txt}
{com}. 
. generate time_squared= time*time
{txt}(354 missing values generated)

{com}. 
. generate real_GDP_percapita= real_GDP/pop_SA
{txt}(582 missing values generated)

{com}. 
. generate N1_percapita_SA= N1_SA/ pop_SA
{txt}(582 missing values generated)

{com}. 
. generate N2_percapita_SA= N2_SA/ pop_SA
{txt}(582 missing values generated)

{com}. 
. drop real_GDP_percapita
{txt}
{com}. 
. generate real_GDP_percapita= (real_GDP/pop_SA)*(100/0.0559584)
{txt}(582 missing values generated)

{com}. 
. generate logy= log(real_GDP_percapita)
{txt}(582 missing values generated)

{com}. 
. hprescott  logy, stub(HP)
{res}{txt}
{com}. 
. rename HP_logy_1 y
{res}{txt}
{com}. 
. rename  HP_logy_sm_1 y_sm
{res}{txt}
{com}. 
. regress logy time time_squared

      {txt}Source {c |}       SS       df       MS              Number of obs ={res}     122
{txt}{hline 13}{char +}{hline 30}           F(  2,   119) ={res} 3052.93
    {txt}   Model {char |} {res}  3.4117348     2   1.7058674           {txt}Prob > F      = {res} 0.0000
    {txt}Residual {char |} {res} .066493002   119  .000558765           {txt}R-squared     = {res} 0.9809
{txt}{hline 13}{char +}{hline 30}           Adj R-squared = {res} 0.9806
    {txt}   Total {char |} {res}  3.4782278   121  .028745684           {txt}Root MSE      = {res} .02364

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}        logy{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}time {c |}{col 14}{res}{space 2} .0031521{col 26}{space 2} .0006953{col 37}{space 1}    4.53{col 46}{space 3}0.000{col 54}{space 4} .0017753{col 67}{space 3} .0045289
{txt}time_squared {c |}{col 14}{res}{space 2} 4.44e-06{col 26}{space 2} 1.93e-06{col 37}{space 1}    2.30{col 46}{space 3}0.023{col 54}{space 4} 6.21e-07{col 67}{space 3} 8.26e-06
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.632234{col 26}{space 2} .0607979{col 37}{space 1}   59.74{col 46}{space 3}0.000{col 54}{space 4} 3.511848{col 67}{space 3}  3.75262
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. generate logy_detrended= logy-.0031521*time-4.44e-06*time_squared-3.632234
{txt}(582 missing values generated)

{com}. 
. generate p=log(GDP_deflator)
{txt}(444 missing values generated)

{com}. 
. generate p_c=log(CPI_c)
{txt}(481 missing values generated)

{com}. 
. generate w=log(comprnfb)
{txt}(444 missing values generated)

{com}. 
. generate pi=(p- L.p)*4
{txt}(445 missing values generated)

{com}. 
. generate pi_pc= (p_c-L.p_c)*4
{txt}(482 missing values generated)

{com}. 
. generate longshort_spread= GS10-GS1
{txt}(469 missing values generated)

{com}. 
. generate pi_w=(w-L.w)*4
{txt}(445 missing values generated)

{com}. 
. generate log_labor_share=log(labor_share)
{txt}(444 missing values generated)

{com}. 
. generate A= (real_GDP_percapita)/( (516*((N1_percapita_SA)^(1-0.33)) )+(overtimehours*((N2_percapita_SA)^(1-0.33)) ) )
{txt}(582 missing values generated)

{com}. 
. generate  overtime_share= (comprnfb)/ (A*((N2_percapita_SA)^(-0.33))  )
{txt}(582 missing values generated)

{com}. 
. drop overtime_share
{txt}
{com}. 
. generate  overtime_share= (comprnfb)/ (A*((N2_percapita_SA)^(-0.33))  )* (100/199.94846)
{txt}(582 missing values generated)

{com}. 
. summarize real_GDP_percapita labor_share overtime_share in 123/238

{txt}    Variable {c |}       Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 56}
real_GDP_p~a {c |}{res}       116    78.58555    12.79607   60.57896   101.2701
{txt}{space 1}labor_share {c |}{res}       116    104.3174    2.181086     99.237    109.488
{txt}overtime_s~e {c |}{res}       116    103.6698    3.167055   96.52614   110.3985
{txt}
{com}. 
. generate log_overtime_share=log(overtime_share)
{txt}(582 missing values generated)

{com}. 
. summarize log_overtime_share log_labor_share

{txt}    Variable {c |}       Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 56}
log_overti~e {c |}{res}       122     4.64084    .0303839   4.569814   4.704096
{txt}log_labor_~e {c |}{res}       260     4.65282    .0288542   4.558152   4.709458
{txt}
{com}. 
. generate ROLC= log_overtime_share-4.64084
{txt}(582 missing values generated)

{com}. 
. generate  ROLC_1= L.ROLC
{txt}(582 missing values generated)

{com}. 
. generate  ROLC_2= L.ROLC_1
{txt}(582 missing values generated)

{com}. 
. generate  ROLC_3= L.ROLC_2
{txt}(582 missing values generated)

{com}. 
. generate  ROLC_4= L.ROLC_3
{txt}(582 missing values generated)

{com}. 
. generate RULC= log_labor_share-4.65282
{txt}(444 missing values generated)

{com}. 
. generate  RULC_1= L.RULC
{txt}(444 missing values generated)

{com}. 
. generate  RULC_2= L.RULC_1
{txt}(444 missing values generated)

{com}. 
. generate  RULC_3= L.RULC_2
{txt}(444 missing values generated)

{com}. 
. generate  RULC_4= L.RULC_3
{txt}(444 missing values generated)

{com}. 
. summarize pi pi_pc longshort_spread pi_w

{txt}    Variable {c |}       Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 56}
{space 10}pi {c |}{res}       259    .0330838    .0258772  -.0411587   .1445103
{txt}{space 7}pi_pc {c |}{res}       222    .0321631    .0403515  -.2415543    .140934
{txt}longshort_~d {c |}{res}       235    .9090638    1.088467  -1.940001       3.35
{txt}{space 8}pi_w {c |}{res}       259     .016037    .0290317  -.0639133   .1175957
{txt}
{com}. 
. generate pi_hat= pi-.0331613
{txt}(445 missing values generated)

{com}. 
. drop pi_pc pi_w longshort_spread
{txt}
{com}. 
. generate longshort_spread= (GS10-GS1)-.9090638
{txt}(469 missing values generated)

{com}. 
. generate  pi_pc=  ((p_c-L.p_c)*4)-.0322211
{txt}(482 missing values generated)

{com}. 
. generate  pi_w=  ((w-L.w)*4)-.0160929
{txt}(445 missing values generated)

{com}. 
. generate     longshort_spread_1= L.longshort_spread
{txt}(469 missing values generated)

{com}. 
. generate     longshort_spread_2= L.longshort_spread_1
{txt}(469 missing values generated)

{com}. 
. generate     longshort_spread_3= L.longshort_spread_2
{txt}(469 missing values generated)

{com}. 
. generate     longshort_spread_4= L.longshort_spread_3
{txt}(469 missing values generated)

{com}. 
. generate   pi_w_1= L.pi_w
{txt}(445 missing values generated)

{com}. 
. generate   pi_w_2= L.pi_w_1
{txt}(445 missing values generated)

{com}. 
. generate   pi_w_3= L.pi_w_2
{txt}(445 missing values generated)

{com}. 
. generate   pi_w_4= L.pi_w_3
{txt}(445 missing values generated)

{com}. 
. generate   pi_pc_1= L.pi_pc
{txt}(482 missing values generated)

{com}. 
. generate   pi_pc_2= L.pi_pc_1
{txt}(482 missing values generated)

{com}. 
. generate   pi_pc_3= L.pi_pc_2
{txt}(482 missing values generated)

{com}. 
. generate   pi_pc_4= L.pi_pc_3
{txt}(482 missing values generated)

{com}. 
. generate    pi_hat_1= L.pi_hat
{txt}(445 missing values generated)

{com}. 
. generate    pi_hat_2= L.pi_hat_1
{txt}(445 missing values generated)

{com}. 
. generate    pi_hat_3= L.pi_hat_2
{txt}(445 missing values generated)

{com}. 
. generate    pi_hat_4= L.pi_hat_3
{txt}(445 missing values generated)

{com}. 
. generate    pi_hat_F1= F.pi_hat
{txt}(445 missing values generated)

{com}. 
. generate   logy_detrended_1= L.logy_detrended
{txt}(582 missing values generated)

{com}. 
. generate   logy_detrended_2= L.logy_detrended_1
{txt}(582 missing values generated)

{com}. 
. generate   logy_detrended_3= L.logy_detrended_2
{txt}(582 missing values generated)

{com}. 
. generate   logy_detrended_4= L.logy_detrended_3
{txt}(582 missing values generated)

{com}. 
. generate inflation_growth= pi_hat- pi_hat_1
{txt}(446 missing values generated)

{com}. 
. summarize y logy_detrended RULC ROLC N1_percapita_SA N2_percapita_SA overtimehours in 123/238

{txt}    Variable {c |}       Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 56}
{space 11}y {c |}{res}       116    .0005841    .0139332  -.0474061   .0326275
{txt}logy_detre~d {c |}{res}       116    .0002206    .0237644  -.0742566   .0458863
{txt}{space 8}RULC {c |}{res}       116    -.005599    .0209087  -.0553092   .0429951
{txt}{space 8}ROLC {c |}{res}       116   -.0000929    .0306195  -.0710263   .0632563
{txt}N1_percapi~A {c |}{res}       116    .4587037      .02091   .3929316   .4969496
{txt}{hline 13}{c +}{hline 56}
N2_percapi~A {c |}{res}       116    .1611743    .0206419    .112757   .1943363
{txt}overtimeho~s {c |}{res}       116    155.4264    11.12642   138.6084   209.3205
{txt}
{com}. 
. correlate ROLC  ROLC_1 pi_hat pi_hat_1 pi_hat_F1 y logy_detrended in 123/238
{txt}(obs=116)

             {c |}     ROLC   ROLC_1   pi_hat pi_hat_1 pi_ha~F1        y logy_d~d
{hline 13}{c +}{hline 63}
        ROLC {c |}{res}   1.0000
      {txt}ROLC_1 {c |}{res}   0.6856   1.0000
      {txt}pi_hat {c |}{res}   0.0488   0.1297   1.0000
    {txt}pi_hat_1 {c |}{res}   0.0001   0.0577   0.8920   1.0000
   {txt}pi_hat_F1 {c |}{res}   0.1264   0.1602   0.8917   0.8822   1.0000
           {txt}y {c |}{res}   0.3889   0.3920   0.1781   0.1255   0.2220   1.0000
{txt}logy_detre~d {c |}{res}   0.5446   0.5422   0.0185  -0.0444   0.0813   0.8689   1.0000

{txt}
{com}. 
. correlate RULC  RULC_1 pi_hat pi_hat_1 pi_hat_F1 y logy_detrended in 123/238
{txt}(obs=116)

             {c |}     RULC   RULC_1   pi_hat pi_hat_1 pi_ha~F1        y logy_d~d
{hline 13}{c +}{hline 63}
        RULC {c |}{res}   1.0000
      {txt}RULC_1 {c |}{res}   0.9120   1.0000
      {txt}pi_hat {c |}{res}   0.5671   0.5563   1.0000
    {txt}pi_hat_1 {c |}{res}   0.5896   0.5806   0.8920   1.0000
   {txt}pi_hat_F1 {c |}{res}   0.5467   0.5185   0.8917   0.8822   1.0000
           {txt}y {c |}{res}  -0.1413  -0.1399   0.1781   0.1255   0.2220   1.0000
{txt}logy_detre~d {c |}{res}  -0.0727  -0.1095   0.0185  -0.0444   0.0813   0.8689   1.0000

{txt}
{com}. 
. correlate  y L.y pi_hat pi_hat_1 pi_hat_F1 logy_detrended in 123/238
{txt}(obs=116)

             {c |}                 L.                                    
             {c |}        y        y   pi_hat pi_hat_1 pi_ha~F1 logy_d~d
{hline 13}{c +}{hline 54}
           y {c |}
         --. {c |}{res}   1.0000
         {txt}L1. {c |}{res}   0.8608   1.0000
      {txt}pi_hat {c |}{res}   0.1781   0.2197   1.0000
    {txt}pi_hat_1 {c |}{res}   0.1255   0.1736   0.8920   1.0000
   {txt}pi_hat_F1 {c |}{res}   0.2220   0.2317   0.8917   0.8822   1.0000
{txt}logy_detre~d {c |}{res}   0.8689   0.7816   0.0185  -0.0444   0.0813   1.0000

{txt}
{com}. 
. correlate   logy_detrended logy_detrended_1 pi_hat pi_hat_1 pi_hat_F1 y in 123/238
{txt}(obs=116)

             {c |} logy_d~d logy_d~1   pi_hat pi_hat_1 pi_ha~F1        y
{hline 13}{c +}{hline 54}
logy_detre~d {c |}{res}   1.0000
{txt}logy_detre~1 {c |}{res}   0.9455   1.0000
      {txt}pi_hat {c |}{res}   0.0185   0.0834   1.0000
    {txt}pi_hat_1 {c |}{res}  -0.0444   0.0239   0.8920   1.0000
   {txt}pi_hat_F1 {c |}{res}   0.0813   0.1269   0.8917   0.8822   1.0000
           {txt}y {c |}{res}   0.8689   0.7852   0.1781   0.1255   0.2220   1.0000

{txt}
{com}. 
. correlate ROLC RULC y logy_detrended inflation_growth F.inflation_growth in 123/238
{txt}(obs=116)

             {c |}                                                     F.
             {c |}     ROLC     RULC        y logy_d~d inflat~h inflat~h
{hline 13}{c +}{hline 54}
        ROLC {c |}{res}   1.0000
        {txt}RULC {c |}{res}   0.3227   1.0000
           {txt}y {c |}{res}   0.3889  -0.1413   1.0000
{txt}logy_detre~d {c |}{res}   0.5446  -0.0727   0.8689   1.0000
{txt}inflation_~h {c |}
         --. {c |}{res}   0.1045  -0.0535   0.1118   0.1356   1.0000
         {txt}F1. {c |}{res}   0.1667  -0.0456   0.0938   0.1346  -0.4545   1.0000

{txt}
{com}. 
. twoway (line ROLC date, lpattern(dash)) (line RULC date, lpattern(dot)) (line y date) in 123/238
{res}{txt}
{com}. 
. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}\\isad.isadroot.ex.ac.uk\uoe\user\Submitted New Keynesian Model with Overtime Labor\Referee reports RESTAT\reports 2nd round\Files for RESTAT\variables.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}19 May 2012, 11:50:43
{txt}{.-}
{smcl}
{txt}{sf}{ul off}